Magnit™, the industry-leading integrated workforce management (IWM) platform provider, today released the findings of its Spring 2023 U.S. Labor Market Report. The report revealed significant changes across the talent landscape caused by recessionary trends and economic uncertainty, including fluctuating employment rates and talent availability.
"Ongoing financial stress has motivated organizations to rethink their talent management strategies," said Dustin Burgess, senior vice president of Magnit Strategic Advisory. "In today's labor market, success hinges on leveraging data to make smarter decisions about hiring and retention while holistically looking at all labor when engaging in workforce planning. Leading companies are already doing this to gain a competitive advantage. They're emphasizing a skills-based approach to hiring, utilizing market data to strategize wage increases, and tapping AI-driven analytics to identify redeployment opportunities. As a result, they're seeing lower costs and more fruitful talent acquisition and retention initiatives."
Magnit's Spring 2023 Labor Market Report leverages the company's expansive talent intelligence database to offer hiring managers and leadership unparalleled insight into the issues affecting full-time and contingent workforces. By analyzing billions of data points, Magnit's research highlights areas of opportunity for organizations looking to optimize talent and augment their recession strategies. Key takeaways include:
Magnit's report uses proprietary algorithms that aggregate, cleanse, anonymize, and analyze data from a variety of internal and external sources, including hundreds of client programs. The company manages data on hundreds of thousands of workers across over 51,000 unique roles, ensuring normalization without the risk of skewed data.
To learn more about U.S. labor market trends, download the full report.
Magnit™ is a global leader and pioneer in contingent workforce management. Our industry-leading Integrated Workforce Management (IWM) Platform is supported by 30+ years of innovation, modern software, proven expertise, and world-class data and intelligence. It enables companies to optimize talent and diversity goals while achieving operational and financial success. With Magnit, companies can adapt quickly to the evolution of work to grow their extended workforce with greater agility, transparency, and speed. magnitglobal.com
"Magnit" is a trademark or registered trademark of Magnit, LLC. Any trade, product, or service name referenced in this document using the name "Magnit" is a trademark and/or property of Magnit, LLC.
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